Every parent wants a secure future for their child. The Indian government has taken a step in that direction with a scheme that lets you start building your child's financial future from day one. Here is everything you need to know about NPS Vatsalya and how to open an account for your child.
What is NPS Vatsalya?
NPS Vatsalya was launched on 18 September 2024 as a subset under the National Pension Scheme (NPS). This scheme is exclusively applicable for minors who are Indian citizens and assists parents in securing the financial future of their children. It is regulated and administered by the Pension Fund Regulatory Authority of India (PFRDA).
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Who Can Open an NPS Vatsalya Account?
The eligibility is simple:
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The child must be an Indian citizen under 18 years of age.
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A parent or legal guardian opens and operates the account on behalf of the minor.
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A fresh KYC will be carried out when the minor turns 18, within 3 months of attaining majority, after which the child can operate the account independently.
Documents Required
At the time of registration, the following documents are required: Proof of Date of Birth for the minor such as a birth certificate, school leaving certificate, matriculation certificate, PAN, or passport. KYC documents of the guardian such as Aadhaar, driving license, passport, voter ID card, or NREGA job card.
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How to Open NPS Vatsalya Account Online: Step By Step Process
Step 1: Visit the eNPS website.
Step 2: Scroll down and click on the 'Register Now' option under the 'NPS Vatsalya (Minors)' tab.
Step 3: Enter the guardian's date of birth, PAN number, mobile number, and email, then click 'Begin Registration'.
Step 4: Enter the OTP received on the guardian's mobile number and email.
Step 5: Once the OTP is verified, an acknowledgement number will be generated on the screen. Click 'Continue'.
Step 6: Enter the minor's and guardian's details, upload the required documents, and click 'Confirm'.
Step 7: Make the initial contribution of Rs. 1,000.
Step 8: Complete the dual OTP or e-Sign authentication.
Step 9: The PRAN will be generated and the NPS Vatsalya account will be opened in the name of the minor.
How to Open NPS Vatsalya Account Offline?
The NPS Vatsalya account can also be opened through Points of Presence (POPs) registered with PFRDA, which include major banks, India Post, and pension funds. Registration forms can be collected from any PoP-SP (Point of Presence – Service Provider).
NPS Vatsalya is one of the smartest long-term gifts you can give your child today. With a minimum of just Rs. 1,000 a year, you start a financial journey that your child will thank you for when they grow up. The online process is quick, smooth, and takes just a few minutes.
